Good Day and Grrrrrrrr.... 7/27/2007

I am blogging this just as I get out of bed on a Saturday morning. I hope it makes sense. I really get frustrated with myself when I get to focused on one thing and miss a bunch of other things. As I have written before, I love trading the steel stocks - mainly AKS, NUE and MT. Even thou the market was a mess, it seems like people buy AKS most Friday morning thinking it will be the next steel to be taken over. As you can see in the above chart, it had a perfect buy setup. I like to trade them when I can get a risk of 10 cents or so, thinking I could make 30 to 50 cents. On Friday, this sucker ran two full points. A plus 20r trade. Grrrr...


Above is the YM futures again. It is crazy, but I had really not traded the stock index futures much since 1987. When I started day trading last year, from time to time, I would try pulling a few inter day ticks not of the QQQQ's. That was one big PITA. Once I became Blogger friends with MT, he convinced me that trading the Mini's were much easier and cheaper. After watching him in action, he has given me the confidence to trade and they are so easy to do. MT made a ton in the futures today and this week. I can not follow all his trades (reasons I have stated before) and I wish I could. I am not a robot following all of his trades. He picks out good areas in the market to go long and short and I many times game the market myself but he has taught me a lot.
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I had two trades in the futures today and made 44 points in the YM. That is not a lot but I am only using two lots at time and it is my best day yet trading the index futures. You get to learn how to crawl before you can walk or run. I would have two more trades but I lost my Internet connection for a moment (becoming a problem again) and IB pissed me off by wanting to push an software upgrade in the middle of the morning that took longer to install than I thought.
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The numbers:
Stocks: none
Stock futures: Gross +220.00 Net +200.80 contracts 8
Forex: none